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| August 30, 2007 - Bankrate, Inc |
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Bankrate: Mortgage Rates Fall to a 3-month Low Fixed mortgage rates fell sharply this week, with the average conforming 30-year fixed mortgage rate falling to 6.43 percent. This is the lowest since May 23, 2007. According to Bankrate.com`s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.32 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing slid to 6.13 percent. Unfortunately for mortgage shoppers in higher-cost housing markets, the average rate for a jumbo 30-year fixed rate was unchanged at 7.4 percent. Adjustable rate mortgages were mixed, with rates on hybrid ARMs like the 5/1 ARM backpedaling to 6.53 percent, and the average one-year ARM inching higher to 6.2 percent. Conforming fixed mortgage rates dropped notably this week on news of more weakness in the housing market and a decline in consumer confidence. The initial interest rates for hybrid ARMs such as the 3/1, 5/1, 7/1, and 10/1 ARMs also declined, but remain higher than those of fixed rate loans. It was a different story on jumbo mortgage loans, where rates remained unchanged and further increased the penalty for borrowers taking loans greater than $417,000. The spread between the average conforming and jumbo fixed rates has exploded from 0.28 percentage point to 0.97 percentage point in the past five weeks. Amid the turbulence in mortgage markets, fixed mortgage rates are an attractive option for borrowers. Just six weeks ago, the average 30-year fixed mortgage rate was 6.82 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,306.52. Now that the average conforming 30- year fixed rate is 6.43 percent, the same $200,000 loan carries a monthly payment of $1,254.94. SURVEY RESULTS 30-year fixed: 6.43% -- down from 6.58% last week (avg. points: 0.32)
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI About Bankrate, Inc. Bankrate, Inc. (NASDAQ:RATE) ("Bankrate") owns and operates Bankrate.com, a leading Internet consumer banking marketplace. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate is the leading aggregator of more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2006, Bankrate.com had nearly 53 million unique visitors. Bankrate provides financial applications and information to a network of more than 75 partners, including Yahoo! (NASDAQ:YHOO) , America Online (NYSE:TWX) , The Wall Street Journal (NYSE:DJ) and The New York Times (NYSE:NYT) . Bankrate`s information is also distributed through more than 400 national and state publications. In addition to Bankrate.com, Bankrate also owns and operates Bankrate Select, an Internet lead aggregator and Mortgage Market Information Services, Inc. and Interest.com, Inc., each of which publishes mortgage guides and financial rates and information.
ource: Bankrate, Inc. CONTACT: Kayleen Keneally, Sr. Director, Corporate Communications, of
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| Bankrate, Inc by Kayleen Keneally, New York-NY |
